TPG launches Third Wave Insurance

TPG has launched Third Wave Insurance, a newly formed retail insurance brokerage platform, with Palmer & Cay serving as its inaugural partner and flagship retail business.

Third Wave Insurance  is led by Brian Bair, a longtime insurance executive, and is backed by TPG Growth. As part of the launch, Palmer & Cay will continue operating under its existing brand and leadership, with CEO Jack Cay remaining in place.

Founded in 1868, Palmer & Cay is an independent insurance and employee benefits brokerage with a strong presence across the Southeastern U.S. The firm will anchor Third Wave’s platform as it looks to scale through organic growth and future acquisitions.

TPG said the platform is designed to combine technology, standardized execution, and a producer-focused operating model, positioning Third Wave as a consolidator in the retail insurance brokerage space.

“Together with Brian and Jack, we have established a shared vision for a technology-enabled, highly professionalized insurance brokerage platform. Throughout its 150+ year history, Palmer & Cay has built a client-focused culture that is fueled by attracting and developing top industry talent. Their team is an ideal anchor partner for Third Wave Insurance, and we see a significant opportunity to build on their impressive momentum, while scaling the platform through both organic and inorganic expansion.” – BJ Loessberg, a Business Unit Partner at TPG Growth.